Afreximbank announced it was instituting a one-billion-dollar AfCFTA Adjustment Facility to enable countries to adjust properly to sudden significant tariff revenue losses arising from the implementation of the agreement.
Speaking on Sunday, 7 July 2019, Prof. Benedict Oramah, President of the African Export-Import Bank (Afreximbank), told the twelfth Extraordinary Summit of African Union (AU) Heads of State that this facility is part of a series of initiatives to support the implementation of the continental free trade area agreement.
Prof. Oramah told the continent’s leaders, who were gathered to mark the start of the operational phase of the AfCFTA, that “this facility will help countries to accelerate the ratification of the AfCFTA,” he said.
He told them that by starting the operational phase of the AfCFTA, African leaders have started a movement and should not look back.
“This movement is now unstoppable” he added.
He added that, as part of its help to implement the AfCFTA, the Bank provided support to aid the work being done by the African Regional Standards Organisation and the AU in implementing the agreement.
Fifty-four out of 55 African countries have signed the world’s largest free trade area deal, encompassing 55 nations covering 1.2 billion people.
Eritrea is the only African country yet to sign the agreement.
A total of 26 African countries have deposited instruments of ratification, with Gabon being the latest after depositing hers during the extraordinary summit held in Niamey, Niger.
The AfCFTA Agreement came into force on 30 May 2019, 30 days after having received the twenty-second instrument of ratification on 29 April 2019 in conformity with legal provision.